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Uco Bank plans a Rs 1000 crore investment in digitalization and IT upgrades, a 43% increase from last year. Managing Director Ashwani Kumar aims to leverage digital advancements for cross-selling and income growth. The bank will enhance overseas core banking, cybersecurity, and treasury IT systems, separate from addressing previous technical glitches. Expansion includes opening 130 new branches this fiscal year. ....
The Central Bureau of Investigations (CBI) conducted searches at approximately 13 locations in West Bengal and Karnataka as part of an investigation into IMPS transactions worth Rs 820 crore in UCO Bank accounts. The searches were related to a complaint by UCO Bank regarding suspicious transactions through Immediate Payment Service (IMPS). ....
Some customers in these cities earlier this month found that when they tried to transfer funds using the Immediate Payment Service (IMPS) from their IDFC First Bank savings accounts to Uco Bank, the amount got credited into the Uco Bank account without getting debited at IDFC First, according to the preliminary findings by Uco Bank. ....
Some customers in these cities earlier this month found that when they tried to transfer funds using the Immediate Payment Service (IMPS) from their IDFC First Bank savings accounts to Uco Bank, the amount got credited into the Uco Bank account without getting debited at IDFC First, according to the preliminary findings by Uco Bank. ....
UCO Bank said that all other critical systems are operational and available, however could not ascertain the financial impact, if any, due the glitch. ....